Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding against Ghislain Morin before the Court of Québec (Criminal and Penal Division) in the judicial district of Abitibi.

On March 2 and 3, 2004, Mr. Morin is alleged to have sold shares that he held in Ressources Allican inc. while being in possession of privileged information about the company.

Indeed, Mr. Morin is alleged to have attended, as a director, the meeting of the board of directors of Ressources Allican inc. held on March 1, 2004. According to the allegations, it was resolved at the meeting that the operations of Ressources Allican inc. would be discontinued.

Mr. Morin would have therefore violated section 189.1 of the Securities Act. The AMF is seeking a fine in the amount of $52,163.50.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.